Facebook is dealing with a $five billion penalty above its privacy woes.
According to a report published by The Wall Street Journal on Friday, the US Federal Trade Commission (FTC) has accepted a settlement with the Californian technologies giant that would need Facebook to spend close to $five billion — a record-breaking penalty for a tech enterprise.
The reported settlement comes following an investigation by the American regulator into the company’s myriad privacy troubles, and follows two many years of frequent scandals.
Facebook previously warned traders that it anticipated to spend out amongst $three-five billion, and the company’s stock climbed somewhat upwards on the information.
The WSJ’s report cited an anonymous supply familar with the matter. Spokespeople for Facebook and the FTC declined to comment to Small business Insider.
The settlement is equivelant to approximately a single month of Facebook’s revenues.
It can be not clear what supplemental restrictions the settlement could consist of on how the enterprise handles information. Some have previously pushed for it to hold CEO Mark Zuckerberg personally liable for long term privacy infractions.
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- Many years of Mark Zuckerberg’s previous Facebook posts have vanished. The enterprise says it ‘mistakenly deleted’ them.
- Auto-bomb fears and stolen prototypes: Within Facebook’s efforts to guard its 80,000 employees close to the globe
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